Sant Ram Yadav and Ors. versus Punjab National Bank and Ors.

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Appeal Dy. No. 37/2022 Date: 02.05.2022

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Sant Ram Yadav & Ors. Vs. Punjab National Bank & Ors.

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Present: Shri S. K. Gupta, counsel for the appellants,

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Heard the learned counsel for the appellants on the waiver application.

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Learned counsel for the appellants submits that the demand notice issued by the respondent-Bank was for a sum of Rs. 27,62,944.51. It is further submitted that the respondent-Bank has already sold the secured property for Rs. 42,80,000/-, which is more than 100% of the amount demanded in the demand notice, therefore, the waiver application deserves to be allowed in view of the judgment passed Hon’ble Supreme Court in Civil Appeal No. 538/2021-Kotak Mahindra Bank Ltd. Vs. Ambuj A. Kasliwal, decided on 16.02.2021 and the judgment passed by the Hon’ble Double Bench of High Court, Delhi in Prudent Arc Limited Vs Sidha Neelkanth Paper Industries & Ors, 2020 SCC Online Del. 1641. As such no further amount is required to be deposited by the appellants towards pre-deposit for maintaining the appeal.

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In view of the submission made by the learned counsel for the appellants, it is clear that the respondent-Bank has recovered more than the amount demanded in the demand notice from auction sale of the mortgaged property, therefore, no further amount is required to be deposited by the appellants towards pre-deposit for maintaining the appeal. Accordingly, the waiver application is allowed.

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Also heard the learned counsel for the appellants on the interim relief.

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Learned counsel of the appellant submits that the auction purchaser-respondent no. 2 is changing the nature of the

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property by demolishing the same and is also trying to create third party right over it, therefore, he prays that a direction may be issued to the auction purchaser not to change the nature or create any third party right over the property in question.

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In view of the submissions made as above, it is directed that the auction purchaser-respondent no. 2 shall not alienate, transfer and change the nature or create any third party right over the property in question till next date.

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Issue notices to the respondents by two modes i.e. registered post with A.D. and speed post. Steps to be taken by the appellants within a week. Affidavit of service along with tracking report be filed by the next date.

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List this case on 23.08.2022 for service.

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Justice R. D. Khare Chairperson

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VN Giri

Sant Ram Yadav and Ors. v. Punjab National Bank and Ors.

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Sant Ram Yadav and Ors. v. Punjab National Bank and Ors.

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